Governor Pence announced a new Indiana biosciences research institute Thursday in Indianapolis.

It is made up of top universities including Notre Dame and life sciences companies like Bio-met Orthopedics in Warsaw and Eli Lilly.

"If we could do just enough of that to capture 5% of what industries spend already somewhere, but not here," said David Johnson. "That's $250-300 million a year coming into Indiana's economy. That's real money and that is business."

Both Purdue and Indiana University are also on board.

The institute got $25 million in start-up funding from the state. It is trying to get another $25 million from industry sources.